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Current Mortgage and Refinance Rates for May 2019

Use our national survey of lenders to find the right mortgage rate for you.

How to find the right mortgage

1. Compare rates

We regularly survey around 4,800 banks and lenders to give you a comprehensive, up-to-date comparison.

2. Get a quote

When you find a few lenders you like, click to get a personalized rate quote based on your home purchase.

3. Apply

Once you choose a bank or lender, you'll apply for a mortgage directly with them. Then, you'll be on your way to your new home.

Current Home Mortgage Rates Comparison

On May 24, 2019, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 4.01 percent with an APR of 4.14 percent. The average 15-year fixed mortgage rate is 3.40 percent with an APR of 3.61 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 3.83 percent with an APR of 6.93 percent.

Bankrate Current Home Mortgage Rates

Product

Interest Rate

APR

30-year fixed mortgage rate

4.00%

4.13%

15-year fixed mortgage rate

3.37%

3.57%

5/1 ARM mortgage rate

3.88%

6.98%

7/1 ARM mortgage rate

3.90%

6.32%

30-year fixed jumbo mortgage rate

4.16%

4.28%

30 Year FHA mortgage rate

3.55%

3.61%

10/1 ARM

4.21%

5.97%

20-year fixed mortgage rate

4.01%

4.18%

30-year VA mortgage rate

3.59%

3.64%

Last update: 05/25/2019 at 6:30 AM

Wells Fargo Current Home Mortgage Rates

Product

Interest Rate

APR

30-Year Fixed Rate

4.000%

4.094%

15-Year Fixed Rate

3.375%

3.557%

5/1 ARM

3.500%

4.488%

Last update: 05/24/2019

Bank of America Current Home Mortgage Rates

Product

Interest Rate

APR

30-Year Fixed Rate

3.875%

4.076%

15-Year Fixed Rate

3.250%

3.553%

5/1 ARM Fixed Rate

3.125%

4.443%

Last update: 05/24/2019

Quicken Loans Current Home Mortgage Rates

Product

Interest Rate

APR

30-Year Fixed Rate

4.250%

4.529%

15-Year Fixed Rate

3.750%

4.195%

5/1 ARM Fixed Rate

3.750%

4.839%

Last update: 05/24/2019

Chase Current Home Mortgage Rates

Product

Interest Rate

APR

30-Year Fixed Rate

4.125%

4.210%

15-Year Fixed Rate

3.500%

3.673%

5/1 ARM

3.625%

4.501%

Last update: 05/24/2019

How to determine which mortgage is right for you

It’s easy to confuse a mortgage interest rate and APR, but they’re quite different. The interest rate is the cost of borrowing money for the principal loan amount. It can be variable or fixed, but it’s always expressed as a percentage. An APR (annual percentage rate) includes the mortgage interest rate plus other costs such as broker fees, discount points and other lender fees, expressed as a percentage. APR is often higher than your interest rate.

What are the different types of mortgages?

Fixed-rate mortgages

Fixed-rate mortgages are the most common mortgage type. The interest rate remains the same for the life of the loan. With a fixed-rate mortgage, your monthly payment won't change (outside of property taxes, insurance premiums or homeowner's association fees).

Adjustable-rate mortgages

Adjustable-rate mortgages, or ARMs, have an initial fixed-rate period during which the interest rate doesn't change, followed by a longer period during which the rate may change at preset intervals. Generally, interest rates are lower to start than with fixed-rate mortgages, but they can rise, and you won't be able to predict future monthly payments.

Jumbo mortgages

Jumbo mortgages are conventional loans that have non-conforming loan limits. This means the home prices exceed federal loan limits. For 2019, the maximum conforming loan limit for single-family homes in most of the U.S. is $484,350, according to the Federal Housing Finance Agency. Jumbo loans are more common in higher-cost areas and generally require more in-depth documentation to qualify.

Government-insured loans

Government-insuraed loans are backed by three agencies: the Federal Housing Administration (FHA loans), the U.S. Department of Agriculture (USDA loans) and the U.S. Department of Veterans Affairs (VA loans). The U.S. government isn’t a mortgage lender, but it sets the basic guidelines for each loan type offered through private lenders.

Borrowers with strong credit, a stable income and employment history, and a down payment of at least 3 percent.

Government-insured mortgages

Pros

More relaxed credit requirements.

Don’t require a large down payment.

Open to repeat and first-time buyers.

Cons

Mandatory mortgage insurance premiums that cannot be canceled on some loans.

Higher overall borrowing costs.

May require more documentation to prove eligibility.

Who it's best for

Borrowers who have low cash savings, less-than-stellar credit or can’t qualify for a conventional loan. VA loans tend to offer the best terms and most flexibility compared to other loan types for military borrowers.

Jumbo mortgages

Pros

Borrow more money to buy a home in an expensive area.

Interest rates tend to be competitive with other conventional loans.

Cons

Down payment of at least 10 to 20 percent is needed.

Minimum FICO score of 660, but average is typically 700 or higher.

Maximum DTI ratio of 45 percent.

Must have significant assets (10 percent of the loan amount) in cash or savings accounts.

Who it's best for

Affluent borrowers purchasing a high-end home who also have good to excellent credit, high incomes and a substantial down payment.

How we make money

Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.